S&P 500

The name of Russell Clark and his Horseman Global hedge fund are well-known to regular readers: Clark is perhaps best known not only for having run a net short book since early 2012...

... but for being consistently profitable and successful during this period, a time when most of his "pedigree" peers have been underperforming the market and losing money hand over fist.

In fact, based on its size, one can probably argue that Horseman Global is the most successful hedge fund of 2016, if not of the entire decade.

Authored by James Montier & Philip Pilkington via GMO,

Executive Summary

Submitted by Joseph Calhoun via Alhambra Investment Partners,

Yesterday we presented the latest note from UBS' technical analysts, Michael Riesner and Marc Muller, who said now that the S&P had hit their near-term top target of 2,050, it was time to "sell" the "most overbought market since 2009." We suggested that, based on their recent accurate track record, that it would be prudent to follow their advice instead of Gartmaning it. So far they have been correct.

Following yesterday's dollar spike which topped the longest rally in the greenback in one month, the prevailing trade overnight has been more of the same, and in the last session of this holiday shortened week we have seen the USD rise for the fifth consecutive day on concerns the suddenly hawkish Fed (at least as long as the S&P is above 2000) may hike sooner than expected, which in turn has pressured WTI below $39 earlier in the session, and leading to weakness across virtually all global risk assets.